Dominant services sector picks up after gloomy January

06 Marcha, 2018, 00:55 | Author: Arnold Perez
  • A London barista as the latest services data is released

The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) fell to 51.7 in February on a seasonally adjusted basis from 51.9 in the previous month. Meanwhile, economists had expected the index to remain stable at 55.1.

"February survey data signalled a steep and accelerated expansion in business activity across the Russian service sector".

Sterling was up 0.1% against the United States dollar to $1.381 shortly after the announcement.

Overall growth in services reflected new domestic orders, better economic conditions, improved sentiment and a favorable exchange rate, the survey's authors said.

A lower Services PMI also outweighed an upturn in manufacturing production in February.

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Growth in Irish services slowed to a three-month low in February, falling just below the 12-month average, as new export orders and backlogs of work expanded at a slower pace.

"The PMI surveys so far collectively point to the economy growing by almost 0.4% in the first quarter to indicate that a resiliently steady pace of expansion has been maintained".

On the price front, input price inflation eased to its lowest since August 2016, despite higher staff salaries and transport costs.

"However, (services) firms seem to believe that the decline is transitory as they raised their staffing levels at the joint-fastest pace since June 2011, in line with positive projections of activity growth", said Dodhia.

"Overall, the February PMI's suggest to us that UK GDP growth in the first quarter of 2018 is likely to match the 0.4% quarter-on-quarter expansion achieved in the fourth quarter of 2017".

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